Southern Silver Exploration Corp. (TSX: V.SSV, Stock Forum) said that equipment has mobilized and drilling has commenced on the Cerro Las Minitas project in Mexico.
The silver-lead-zinc project, located in Durango, is currently under option to Freeport-McMoRan Exploration Corp., a unit ofFreeport-McMoRan Copper & Gold (NYSE: FCX, Stock Forum).
According to the Southern Silver Exploration press release, the drill program will utilize two drill rigs to advance the project quickly through this initial discovery and evaluation stage.
Current plans are for a 3,000 to 5,000 metre core hole program that will test deeper offsets of known mineralized zones at the South Skarn, Blind Zone and Santo Nino targets and several geophysical and geochemical targets identified in recent surface exploration.
The current drill program is targeting a deep seated porphyry/skarn mineral system similar to the historic San Martin deposit located about 100 kilometres to the south of the Cerro Las Minitas project.
Southern Silver is a precious and base metal exploration and development company.
On Monday Southern Silver was trading at $0.04 a share. The company had a market cap of $5.8 million, based on 144.7 million shares outstanding. The 52-week high and low was $0.08 ans $0.03 respectively.